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Elon Musk’s Confusing Tweet that Crushed Bitcoin

Bitcoin crumpled after Tesla cofounder Elon Musk posted a controversial tweet that was misinterpreted by most bitcoin investors. The value of Bitcoin plummeted to $42,000 on Monday after Musk’s statement, but later rebound after he clarified that Tesla hadn’t sold its holdings.

The value of the cryptocurrency surged to $45,000 following an explanation made by the world’s richest person. “Bitcoiners are going to slap themselves next quarter when they find out Tesla dumped the rest of their #Bitcoin holdings,” Musk wrote on Twitter prompting the lowest plunge ever since February 2021.

Bitcoin’s value was resuscitated from further plunge when he tweeted: “To clarify speculation, Tesla has not sold any Bitcoin.” 

Musk triggered speculations when he tweeted on Wednesday that Tesla would halt accepting Bitcoin as payment for its electric vehicles over token’s insanity in energy consumption. 

Earlier own, Musk attracted criticism from environmentalist over his promotion of cryptocurrency, which consumes lot of energy during crypto-mining. 

Unconfirmed sources indicate that Musk is contemplating to mine bitcoin in space using solar-powered systems and source internet services from SpaceX Starlink.

Why Musk has Dumped Bitcoin?

Elon Musk seems to be falling out with Bitcoin as he strives to uplift dogecoin. The SpaceX CEO and Tesla cofounder has magical spell, deciphered in his brief tweets that impact global crypto fad. His twitter posts have seen the rise and fall of several cryptocurrencies.

Tesla started accepting Bitcoin after Musk’s declaration on March. His pronouncement came after Tesla bought Bitcoin valued at $1.5 billion. The initial crypto-investment pushed the value of bitcoin higher.

The volatility of bitcoin’s value might be a major impediment towards its acceptability in major retailers. Crypto investors believe that Musk has a rich background regarding cryptocurrencies and there is more to be discerned over his several tweets. 

Musk’s Monday announcement also impacted to massive sell-off in several cryptocurrencies including dogecoin, ether and XRP. It’s undisputable that Musk is one of the major drivers of the bitcoin success. Musk has expressed his interest in dogecoin – a cryptocurrency that was coined from a joke in 2013.

Twitter explodes over Bitcoin crush

Crypto investors are now worried over the manipulation of crypto value by Musk. His tweets have proven to be a major shaker to the crypto market. The world tycoon proofs to know more than he can divulge to the world.

Bitcoin trended on Twitter for the better part of Monday as social media enthusiasts delved deeper into discussing the impact caused by Musk’s post.

One person wrote on Twitter: This is a game #Bitcoin then @elonmusk will buy again at drop price.. #bitcoin is gambling, not against buying of #Bitcoin but if you not good in gambling/ game you ganna loose chief.”

Another person tweeted: Sold my @Tesla stock today to buy more #Bitcoin. Bitcoin don’t need Elon.”

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